Miami Market Trend: Low-Rise Condos

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I wanted to share some thoughts I have been developing for my clients regarding potential investment opportunities in older low-rise condos in Miami, Florida. Investing in older low-rise condos in Miami, Florida, is often overlooked in favor of newer developments; however, these properties offer unique advantages for investors.

LOWER ENTRY PRICE – Older low-rise condos provide investors with the opportunity to enter the Miami real estate market at a relatively lower price point compared to newer luxury developments. This affordability factor, combined with the potential for long-term appreciation and steady rental income, makes older low-rise condos a compelling investment choice for savvy investors looking to diversify their portfolio in Miami's real estate landscape.

BUILD EQUITY – Investing in older low-rise condos also allows investors to capitalize on potential renovation opportunities. With strategic upgrades and modernization efforts, these properties can be transformed into sought-after residences, thereby increasing their value and rental potential.

LOCATION, LOCATION, LOCATION – These Condos are often in prime locations in established neighborhoods, providing a sense of authenticity and charm that appeals to both residents and tourists.

DEMAND – The Miami Migration is still going strong as reported by the Miami Association of Realtors, “Migration into Southeast Florida remains strong. In 2023, 153,347 driver licenses were exchanged for a Florida license in the counties of Miami-Dade, Broward, Palm Beach, and Martin, up 8.3% from the level in 2022 (141,621). New York, New Jersey, and California continue to be the market’s top feeder states.” (MIAMI REALTORS.COM / January 2024)

I will continue to update this post with new developments and input from the community. Thanks in advance for your comments and thoughts.